# Niterra Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第126期(2025/04/01－2026/03/31) (S100YJTF)
> Page: https://vizora.meequs.com/en/company/niterra
> Retrieved: 2026-09-30T20:59:53.548Z

## Company

Niterra, founded in 1936, is a company in Auto Parts listed on TSE Prime. It has 15,698 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Niterra Co., Ltd. |
| Ticker | 5334 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5334.T) |
| Listing | TSE Prime |
| Head office | 名古屋市東区東桜一丁目1番1号 |
| Representative (per filing) | 代表取締役社長 鈴木 啓司 |
| Founded | Oct 1936 |
| Share capital | ¥47.9B |
| Employees (consolidated) | 15,698 |
| Average salary (parent only) | ¥9.9M |
| Fiscal year end | March |
| Website | www.niterragroup.com (https://www.niterragroup.com/) |
| Corporate number | 3180001010845 |
| EDINET | E01136 |
| Industries (Vizora) | Auto Parts, Machine Tools, Glass & Ceramics |

> Profile source: annual securities report (S100YJTF, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.7 | 110 |
| Profitability | 99.5 | 111 |
| Cash conversion | 8.8 | 108 |
| Efficiency | 7.7 | 111 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 80% of Niterra's sales come from Automotive components, with Component solutions and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +12.0% from the prior year, operating profit +6.6%.

## Company structure

- Segment revenue mix: Automotive components 80.3%、Component solutions 17.8%、Other 1.9%
- Revenue → net income: ¥731207000000 → ¥116470000000
- Net income → operating cash flow: ¥116470000000 → ¥109384000000（difference ¥-7086000000）
- Main uses of operating cash flow: CapEx ¥39077000000 / dividends ¥36374000000 / buybacks ¥16757000000
- Change in cash: ¥-20875000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥731.2B |  |
| Operating income | ¥138.2B | Margin 18.9% |
| Net income | ¥112.9B | Margin 15.4% |
| Free cash flow | ¥70.3B |  |
| Largest business | Automotive components | of segment revenue 80.3% |
| Employees (consolidated) | 15,698 |  |
| EPS | ¥570.43 |  |
| Book value per share | ¥2228.8 |  |
| Equity ratio | 62.8% | Derived from disclosed figures |
| Shares outstanding | 199,247,720 |  |
| Treasury shares | 2,657,700 |  |
| Shareholders | 99,497 |  |
| Average salary (parent only) | ¥9.9M | Filing company only |
| Cash ratio | 15.4% | Cash ÷ revenue 25.7% |
| Vs. industry median margin | +14.1 pp | Auto Parts |
| ROE | 15.7% | Derived from disclosed figures |
| ROA | 10.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, parent-company salary changed +48% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥427546000000 | ¥731207000000 | +71.0% |
| Operating income | ¥47389000000 | ¥138158000000 | +191.5% |
| Operating margin | 11.1% | 18.9% | +7.8 pp |
| Employees | 16,391 people | 15,698 people | -4.2% |
| Cash and equivalents | ¥139520000000 | ¥187747000000 | +34.6% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 自動車関連 → 自動車関連 | 74.9% |
| セラミック関連 → 事業再編・廃止 | 17.5% |
| メディカル関連 → 事業再編・廃止 | 5.5% |
| 新規事業関連 → 事業再編・廃止 | 1.0% |
| その他 → その他 | 1.2% |
| 新設・再編 → 自動車関連 | 5.5% |
| 新設・再編 → コンポーネント・ソリューション | 17.8% |
| 新設・再編 → その他 | 0.7% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automotive components | 5 years | +11.7% | ¥587505000000 | 23.0% | 2 |
| Component solutions | — | — | ¥129935000000 | -3.5% | 2 |
| Other | 5 years | +21.0% | ¥13766000000 | 54.0% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 731,207 | 100.0% | S100YJTF |
| Cost of revenue | 450,341 | 61.6% | S100YJTF |
| Gross profit | 280,866 | 38.4% | S100YJTF |
| SG&A | 140,434 | 19.2% | S100YJTF |
| Operating income | 138,158 | 18.9% | S100YJTF |
| Pretax income | 165,484 | 22.6% | S100YJTF |
| Income tax | 49,014 | 6.7% | S100YJTF |
| Net income | 116,470 | 15.9% | S100YJTF |
| Net income attributable to owners | 112,892 | 15.4% | S100YJTF |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 19 |
| Operating income | 19 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 38.4% → Operating margin 18.9% → Net margin 15.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.0%; Core profit growth: +6.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.55×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 652,993 | 731,207 | 78,214 | +12.0% |
| Gross profit | 258,100 | 280,866 | 22,766 | +8.8% |
| Operating income | 129,660 | 138,158 | 8,498 | +6.6% |
| Net income attributable to owners | 92,625 | 112,892 | 20,267 | +21.9% |
| Operating cash flow | 132,921 | 109,384 | -23,537 | -17.7% |
| Free cash flow | 98,143 | 70,307 | -27,836 | -28.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 425,109 | — | — | 40,515 | 46,430 | — | S100R2BG |
| FY ending Mar 2020 | 426,073 | 48,447 | 11.4% | 33,698 | 59,787 | 6,227 | S100LGS5 |
| FY ending Mar 2021 | 427,546 | 47,389 | 11.1% | 38,367 | 63,397 | 33,824 | S100O8KZ |
| FY ending Mar 2022 | 491,733 | 75,512 | 15.4% | 60,200 | 71,910 | 44,067 | S100R2BG |
| FY ending Mar 2023 | 562,559 | 89,219 | 15.9% | 66,293 | 69,305 | 44,979 | S100TQKH |
| FY ending Mar 2024 | 614,486 | 107,591 | 17.5% | 82,646 | 118,179 | 82,722 | S100W1AL |
| FY ending Mar 2025 | 652,993 | 129,660 | 19.9% | 92,625 | 132,921 | 98,143 | S100YJTF |
| FY ending Mar 2026 | 731,207 | 138,158 | 18.9% | 112,892 | 109,384 | 70,307 | S100YJTF |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.6M |
| Operating income per employee (consolidated) | ¥8.8M |
| Net income per employee (consolidated) | ¥7.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 16,145 | 16,247 | 15,980 | 15,644 | 15,698 |
| Average salary (parent company) | ¥6.7M | ¥6.9M | ¥8.9M | ¥9.9M | ¥9.9M |
| Average age (parent company) | 41.4 years | 42.6 years | 42.5 years | 43.0 years | 43.5 years |
| Average tenure (parent company) | 16.9 years | 16.1 years | 16.2 years | 18.8 years | 19.4 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) +12.0%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive components | 587,505 | 80.3% | 135,302 | 23.0% |
| Component solutions | 129,935 | 17.8% | -4,580 | -3.5% |
| Other | 13,766 | 1.9% | 7,436 | 54.0% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive components | 80.3% | 94.8% | 14.4 | 23.0% |
| Component solutions | 17.8% | — | — | -3.5% |
| Other | 1.9% | 5.2% | 3.3 | 54.0% |

Loss-making segment (excluded from profit shares): Component solutions -4,580 JPY mn

Segment → industry: Automotive components → Auto Parts / Component solutions → Machine Tools / Component solutions → Glass & Ceramics

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 109,384 | 15.0% | S100YJTF |
| Capital expenditure | 39,077 | 5.3% | S100YJTF |
| Free cash flow | 70,307 | 9.6% | 算出 |
| Investing cash flow | -165,531 | -22.6% | S100YJTF |
| Financing cash flow | 28,616 | 3.9% | S100YJTF |
| Dividends paid | 36,374 | 5.0% | S100YJTF |
| Share buyback | 16,757 | 2.3% | S100YJTF |
| Change in cash | -20,875 | -2.9% | S100YJTF |
| Cash and equivalents | 187,747 | 25.7% | S100YJTF |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 172,585 | 201,628 | 180,684 | 208,192 | 187,747 | S100TQKH, S100W1AL, S100YJTF |
| Total assets | 823,181 | 903,102 | 975,719 | 990,966 | 1,221,101 | S100R2BG, S100TQKH, S100W1AL, S100YJTF |
| Net assets | 517,988 | 563,739 | 638,300 | 674,722 | 771,255 | S100TQKH, S100W1AL, S100YJTF |
| Share capital | 47,869 | 47,869 | 47,869 | 47,869 | 47,869 | S100R2BG, S100TQKH, S100W1AL, S100YJTF |
| Property, plant and equipment | 244,652 | 223,028 | 224,336 | 219,974 | 265,650 | S100R2BG, S100TQKH, S100W1AL, S100YJTF |
| Goodwill | 6,403 | 15,513 | 18,907 | 13,584 | 98,112 | S100R2BG, S100TQKH, S100W1AL, S100YJTF |
| Current assets | 482,255 | 567,188 | 564,150 | 588,518 | 658,236 | S100R2BG, S100TQKH, S100W1AL, S100YJTF |
| Total liabilities | 305,193 | 339,363 | 337,419 | 316,243 | 449,846 | S100R2BG, S100TQKH, S100W1AL, S100YJTF |
| Equity attributable to owners of parent | 514,317 | 563,675 | 637,678 | 674,573 | 767,419 | S100R2BG, S100TQKH, S100W1AL, S100YJTF |
| Retained earnings | 375,968 | 420,195 | 470,445 | 509,900 | 592,956 | S100R2BG, S100TQKH, S100W1AL, S100YJTF |
| Treasury stock | -1,754 | -1,727 | -11,699 | -2,199 | -18,426 | S100R2BG, S100TQKH, S100W1AL, S100YJTF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YJTF |
| Property, plant and equipment | 22% | S100YJTF |
| Intangibles and goodwill | 8% | — |
| Other assets | 55% | S100YJTF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YJTF |
| Equity | 63% | S100YJTF |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 823,181 | 903,102 | 975,719 | 990,966 | 1,221,101 |
| Equity | 517,988 | 563,739 | 638,300 | 674,722 | 771,255 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 172,585 | 201,628 | 180,684 | 208,192 | 187,747 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 36.3% | S100YJTF |
| Fixed assets ÷ total assets | 21.8% | S100YJTF |
| Goodwill ÷ parent equity | 12.8% | S100YJTF |

Goodwill over 4 years: 6,403 → 98,112 JPY; total investing cash flow: -319,075 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 15.4% |
| Cash ÷ revenue | 25.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.2% |
| Cash vs. profit gap | -3,508 JPY mn (of net income -3.1%) |
| Shareholder returns / net income | 47.1% |
| Shareholder returns / FCF | 75.6% |
| Shareholder payments — dividends / net income | 32.2% |
| Shareholder payments — dividends / FCF | 51.7% |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 151.3% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 12.2% | 0.60× | 7.3% | 1.60× | 11.7% | S100R2BG |
| 2023 | 11.8% | 0.65× | 7.7% | 1.60× | 12.3% | S100TQKH |
| 2024 | 13.4% | 0.65× | 8.8% | 1.56× | 13.8% | S100W1AL |
| 2025 | 14.2% | 0.66× | 9.4% | 1.50× | 14.1% | S100YJTF |
| 2026 | 15.4% | 0.66× | 10.2% | 1.53× | 15.7% | S100YJTF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.3% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 8.5% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 6.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.8% | 2026-03-31 |
| ＣＧＭＬ ＰＢ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ／ＣＯＬＬＡＴＥＲＡＬ(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 3.3% | 2026-03-31 |
| ゴールドマン・サックス証券株式会社 ＢＮＹＭ | Major shareholder | 3.0% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.8% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５６４２(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.8% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.6% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 grew +12.0%, from ¥653B to ¥731.2B.
- Operating income rose a slower +6.6% to ¥138.2B, while net income climbed +21.9% to ¥112.9B.
- Cash told a different story: operating cash flow dropped -17.7% to ¥109.4B and free cash flow fell -28.4% to ¥70.3B.

### Drivers

- Auto parts for new vehicles sold more in the US, Europe, China and Japan, and replacement parts held up well
- Parts for chipmaking equipment kept selling well for generative AI and leading-edge logic chips, and the newly acquired Niterra Materials added sales
- Amortization tied to the Niterra Materials deal and an impairment at CAIRE's oxygen concentrator business weighed on Component Solutions profit
- Operating cash flow fell mainly because inventories grew

### Risks

- If the shift to electric vehicles moves faster than expected, fewer combustion-engine cars would hurt the auto parts business
- Swings in semiconductor demand or a slowing economy could hold back Component Solutions
- Continued high prices for precious metals and other materials could squeeze profits

Cited: Annual Securities Report (126th fiscal period) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (126th fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第126期(2025/04/01－2026/03/31) | S100YJTF | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJTF,, |
| 有価証券報告書－第125期(2024/04/01－2025/03/31) | S100W1AL | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1AL,, |
| 有価証券報告書－第124期(2023/04/01－2024/03/31) | S100TQKH | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQKH,, |
| 有価証券報告書－第123期(2022/04/01－2023/03/31) | S100R2BG | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2BG,, |
| 有価証券報告書－第122期(令和3年4月1日－令和4年3月31日) | S100O8KZ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8KZ,, |
| 有価証券報告書－第121期(令和2年4月1日－令和3年3月31日) | S100LGS5 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LGS5,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).